A co signer is someone who agrees to share legal responsibility for your lease. If you fall behind, the landlord can ask the co signer to pay rent or cover damages. This is different from a guarantor, who is usually only called upon if the primary tenant fails completely.
Landlords and property managers often accept a co signer when an applicant has a low score or a short rental history. But both sides take on risk, so it’s important to understand how this decision affects everyone.
Learn more from the Tenant Resource Center’s tips for cosigners.
Your credit score for renting is one of the first things landlords review. While there is no single cutoff, many property managers set ranges for approval. Some apartments require a good credit score of 680 or higher, while others accept much less if income and rental history are strong.
See Credit.org’s breakdown of credit score levels to understand how your score compares.
Landlords check income, debt, rental history, and references. Even if your score is low, proof of steady income or letters from previous landlords can help you qualify.
A co signer improves your chances of being approved and may help you secure your dream apartment. Having someone with strong credit attached to the application gives landlords confidence. Read more from Miller Family Properties on co-signing a rental lease.
Some landlords lower the security deposit if a co signer is involved, while others may still require a larger security deposit. Either way, a co signer can help negotiate flexible terms.
If you pay rent consistently, both you and your co signer benefit. On-time payments build your financial responsibility and can help raise your score over time. Conversely, late payments will impact both you and the cosigner, so they should be strenuously avoided.
Sharing the risk with a co signer can ease the pressure of covering monthly rent. While you are still fully responsible, knowing you have support may help you continue building positive payment history.
Having a co signer also shows that another person is willing to vouch for you. This can give landlords extra confidence, especially if they are wondering whether you will meet the terms of the lease. For renters with a limited housing history, this kind of personal support can be the difference between approval and denial.
Co-signing creates shared financial responsibility. If you miss payments, negative marks appear on both your credit report and the co signer’s. Debt collectors can pursue either of you. Learn more from Experian’s article on co-signing and credit.
Many co signers are parents or family members. If rent is missed, personal relationships can be damaged. Clear communication and written agreements about responsibilities are vital.
A co signer can be sued if rent is unpaid. Eviction notices and court actions apply to both the tenant and the co signer. The FTC’s cosigning FAQs explain these risks.
Another disadvantage is that your co signer may be held accountable for more than just unpaid rent. If damages occur for any other reason, the landlord could ask them to cover those costs. This puts both your money and your co signer’s finances at risk.
Before asking for a co signer, make sure you can realistically afford the monthly rent. Most landlords expect tenants to spend no more than 30 percent of income on rent. If your costs are too high, even a co signer may not protect you from risk.
Renters should complete a realistic budget before applying. List every bill and service you already pay for, then compare that to your monthly rent obligation. This helps you see if you can meet the landlord’s expectations without overextending your money.
Bring bank statements, income proof, and references. Demonstrating financial responsibility improves your chances of approval and reassures both landlords and your co signer.
Adding a co signer requires an application, a credit check, and signatures from both tenant and co signer. The property manager may require forms and notice to be submitted within a set timeline. See Baselane’s guide on adding a cosigner.
Your co signer should be ready to provide proof of income, identification, and authorization for a credit check. This process ensures landlords can review financial details before approval.
Write a side agreement that outlines who pays what and when. Include a plan for what happens if you cannot pay rent. A written word helps clarify expectations and protects both parties.
Use reminders, auto-pay, or calendar alerts to ensure monthly rent is paid on time. Notify your co signer if any issues arise so they are not surprised by a notice.
If you cannot find a co signer, offer a larger security deposit or several months of rent upfront. Always get a receipt for any payment.
A roommate can share monthly rent, but responsibilities must be clear. Draft a written plan and make sure the property manager approves.
Sometimes the best option is to delay and improve your score. Pay down balances, dispute inaccuracies, and add positive payment history. Check out:
A housing counselor can review your situation and explain advantages and disadvantages of different strategies. They can also point you to programs or services that help renters build credit and strengthen future applications.
“Hello, I’m applying for [apartment address]. I have stable income but a low score. Would you accept a co signer? Please let me know the requirements so we can discuss.”
If your application is denied, ask if offering a higher deposit or shorter lease would help. Flexibility can sometimes make the difference.
Pay rent in full, on time, and keep receipts. This protects your record and your co signer’s credit report.
After a year of on-time payments, ask the landlord if you can renew without a co signer. Improvement in your credit score may allow you to qualify independently.
Do co signers live in the apartment? Not usually. They share legal liability but may not live there.
What’s the difference between a co signer and guarantor? A co signer is equally responsible; a guarantor steps in only if the tenant defaults.
How can a co signer be notified of problems? Landlords must provide notice if payments are missed or eviction begins.
Before you sign, talk with a counselor. Understanding the pros and cons of co-signing can prevent future stress.
Learn more at Rent4Success Rental Counseling.
